The Lending Products section gives access to Bitfinex verified users to a portfolio of third party lending options to use their crypto holdings to earn interest.
Celsius is a third-party crypto interest and lending services provider, allowing users to generate yields on their cryptocurrency holdings.
Celsius is currently only available for KYC verified individual account holders and inaccessible for corporate accounts.
To get started:
1. Sign up/ Log-in to your Bitfinex account and navigate to the Lending Products page.
Once Celsius under Lending Products is selected, you will be asked to read and accept the “Notice and Consent”.
You can also access Lending Products from the Bitfinex trading page, under the “More” drop-down menu.
2. Select the amount and choose one of the supported cryptocurrencies you would like to deposit to Celsius to begin earning interest. Deposits will be withdrawn from your Bitfinex exchange wallet and deposited with Celsius.
A minimum of 50 USD equivalent can be deposited, to which the standard Bitfinex withdrawal fee is added.
A wide choice of cryptocurrencies is available, such as Bitcoin (BTC); Etherium (ETH); OmiseGO (OMG); Tether (USDt); Tether Gold (XAUt); True USD (TSD); Gemini Dollar (GSD); PAX; USD Coin (UDC); DAI; 0x Project (ZRX); Basic Attention Token (BAT).
3. A pop-up for the action undertaken will appear (deposit, withdraw), followed by a message letting you know if it succeeded.
The collapsible menus on the Lending Products page will provide you with an up-to-date list of your balances and lending activities.
Termination of Lending
The lent funds are not locked in, they can be withdrawn from Celsius at any time and returned to your Bitfinex exchange wallet. To terminate lending, simply select the Withdraw option.
A minimum of 25 USD (equivalent) is required to withdraw funds.
Interest
The Celsius interest rates will vary based on market demand. Therefore, holding cryptocurrency which is in high demand will have higher interest rates than those with less demand.
There is no minimum length of time required to begin earning interest. You are able to earn interest according to a pro-rata calculation determined by the amount of time your funds are held during the calculation period(Friday 05:00:00 AM UTC to Friday 04:59:59 AM UTC); it is accrued weekly, distributed every Monday and it is calculated based on the price snapshot taken each Friday at 11:00 AM UTC.
Note: Interest for deposits made after Friday 04:59:59 AM UTC will only be distributed the following Monday.
All interest earned will be deposited directly into your Bitfinex wallet, and easily trackable on your reports page.
Fees
Lending the tokens to Celsius will incur a standard Bitfinex withdrawal fee, which will be deducted from your deposited amount.
Withdrawals from Celsius to your Bitfinex wallet are not charged fees.
Celsius FAQ
Learn more about Celsius on its website at https://celsius.network where you can find FAQ, calculators and more.
Important Notes
Each service provider listed above is a Third-Party Service, as described in the Terms of Service. Third-Party Services are not under the control of Bitfinex or its Associates, and Bitfinex and its Associates make no representations about, and accept no liability for, any Third-Party Services. Bitfinex and its Associates are not responsible for the accuracy or reliability of any information, data, opinions, advice, or statements contained in Third-Party Services, the services offered thereby or for their privacy and security policies and procedures.
Nothing on this page is financial, legal or other advice. Nothing on this page is an offer to borrow or lend or the solicitation, recommendation or endorsement of any course of borrowing or lending. Any references on this page to returns are only hypothetical and not guaranteed.
Some of the information on this page has been provided by the Third Party Services listed above. The information received from the Third Party Services set out above has not been verified by Bitfinex for adequacy, accuracy or completeness. Bitfinex and its Associates are not responsible for the legality, reliability, accuracy, and appropriateness of such content. You are personally responsible for verifying any information that you find on this page about Third Party Services that you wish to rely on.
